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Monetary Union Among Member Countries of the Gulf Cooperation Council

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  • Ugo Fasano-Filho
  • Andrea Schaechter
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    Abstract

    The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16394
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 223.

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    Length: 72
    Date of creation: 29 Aug 2003
    Date of revision:
    Handle: RePEc:imf:imfocp:223

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    Cited by:
    1. Nienke Oomes & Christopher M. Meissner, 2008. "Why Do Countries Peg the Way they Peg? the Determinants of Anchor Currency Choice," IMF Working Papers 08/132, International Monetary Fund.
    2. Aamer S. Abu-Qarn & Suleiman Abu-Bader, 2008. "On the Optimality of a GCC Monetary Union: Structural VAR, Common Trends, and Common Cycles Evidence," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 31(5), pages 612-630, 05.
    3. Selim Elekdag & Saade Chami & Ivan Tchakarov, 2004. "What Are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?," IMF Working Papers 04/152, International Monetary Fund.
    4. Ricci, Luca Antonio, 2008. "A Model of an Optimum Currency Area," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(8), pages 1-31.
    5. Shafik Hebous, 2006. "On the Monetary Union of the Gulf States," Kiel Advanced Studies Working Papers, Kiel Institute for the World Economy 431, Kiel Institute for the World Economy.
    6. manhal shotar & khalid shams, 2005. "Economic Policies and the Possibilities of Unified GCC Currency," Macroeconomics, EconWPA 0506003, EconWPA.
    7. Louis, Rosmy & Balli, Faruk & Osman, Mohammad, 2008. "Monetary Union Among Arab Gulf Cooperation Council (AGCC) Countries: Does the symmetry of shocks extend to the non-oil sector?," MPRA Paper 11611, University Library of Munich, Germany.
    8. Louis, Rosmy & Osman, Mohammad & Balli, FAruk, 2007. "On The Road to Monetary Union – Do Arab Gulf Cooperation Council Economies React in the same way to United States' Monetary Policy Shocks?," MPRA Paper 11610, University Library of Munich, Germany, revised Nov 2008.
    9. Buiter, Willem H, 2008. "Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6639, C.E.P.R. Discussion Papers.
    10. Jian-Ye Wang & Nisreen H. Farhan & Amar Shanghavi & Márcio Valério Ronci & Misa Takebe, 2008. "The Choice of Monetary and Exchange Rate Arrangements for a Small, Open, Low-Income Economy," IMF Working Papers 08/118, International Monetary Fund.
    11. Ashraf Nakibullah, 2011. "Monetary Policy and Performance of the Oil-Exporting Gulf Cooperation Council Countries," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 10(2), pages 139-157, August.
    12. Rafiq, M.S., 2011. "The optimality of a gulf currency union: Commonalities and idiosyncrasies," Economic Modelling, Elsevier, Elsevier, vol. 28(1-2), pages 728-740, January.

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